Acadian Asset Management LLC Purchases 184,509 Shares of Reliance, Inc. (NYSE:RS)

Acadian Asset Management LLC raised its position in Reliance, Inc. (NYSE:RS) by 20.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,072,200 shares of the industrial products company’s stock after purchasing an additional 184,509 shares during the period. Reliance makes up about 1.2% of Acadian Asset Management LLC’s investment portfolio, making the stock its 13th biggest holding. Acadian Asset Management LLC owned about 1.87% of Reliance worth $358,270,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RS. Riverview Trust Co acquired a new position in shares of Reliance in the 1st quarter valued at approximately $25,000. Contravisory Investment Management Inc. acquired a new position in shares of Reliance in the first quarter valued at approximately $30,000. Rise Advisors LLC acquired a new stake in shares of Reliance during the first quarter worth $49,000. Partnership Wealth Management LLC acquired a new stake in shares of Reliance during the fourth quarter worth $43,000. Finally, Rational Advisors LLC lifted its position in Reliance by 33.6% in the 1st quarter. Rational Advisors LLC now owns 159 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 40 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director James Donald Hoffman sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the completion of the sale, the director now directly owns 49,042 shares of the company’s stock, valued at $14,212,862.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Stephen Paul Koch sold 20,421 shares of Reliance stock in a transaction on Friday, May 31st. The stock was sold at an average price of $295.38, for a total value of $6,031,954.98. Following the transaction, the chief operating officer now owns 7,552 shares in the company, valued at approximately $2,230,709.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Donald Hoffman sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $289.81, for a total value of $1,449,050.00. Following the transaction, the director now directly owns 49,042 shares of the company’s stock, valued at approximately $14,212,862.02. The disclosure for this sale can be found here. Insiders have sold a total of 40,421 shares of company stock valued at $11,866,855 over the last 90 days. 0.69% of the stock is currently owned by insiders.

Reliance Stock Down 1.2 %

Shares of NYSE:RS traded down $3.84 during trading on Friday, hitting $304.12. 284,832 shares of the company were exchanged, compared to its average volume of 438,985. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of 14.20 and a beta of 0.86. The company has a current ratio of 5.74, a quick ratio of 3.21 and a debt-to-equity ratio of 0.14. Reliance, Inc. has a fifty-two week low of $237.14 and a fifty-two week high of $342.20. The firm has a fifty day moving average price of $290.78 and a two-hundred day moving average price of $301.96.

Reliance (NYSE:RS) last issued its earnings results on Thursday, April 25th. The industrial products company reported $5.30 earnings per share for the quarter, missing analysts’ consensus estimates of $5.51 by ($0.21). The firm had revenue of $3.64 billion for the quarter, compared to analyst estimates of $3.76 billion. Reliance had a return on equity of 16.26% and a net margin of 8.67%. Reliance’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.37 earnings per share. As a group, research analysts anticipate that Reliance, Inc. will post 18.63 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, May 23rd. Reliance’s payout ratio is currently 20.55%.

Analysts Set New Price Targets

RS has been the topic of several recent research reports. KeyCorp dropped their price target on Reliance from $341.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 3rd. Citigroup cut Reliance from a “buy” rating to a “neutral” rating and boosted their target price for the company from $280.00 to $380.00 in a research note on Thursday, April 11th. Bank of America lowered their price objective on shares of Reliance from $340.00 to $335.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. StockNews.com cut shares of Reliance from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Finally, BMO Capital Markets decreased their target price on shares of Reliance from $355.00 to $345.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $346.25.

Reliance Company Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.